Pres. Tinubu lauds Nigeria’s first deepwater oil project in over a decade

President Bola Tinubu has commended Shell and its partners over the $5 Billion Final Investment Decision (FID), on the Bonga North Deep Offshore Field project expected to yield approximately 350 million barrels of crude oil.

This was disclosed in a statement by the Special Adviser Information and Strategy to the President, Bayo Ononuga on Monday, 16th of December 2024.

According to Onanuga, the Bonga North Oilfield which is Nigeria’s first deep water oil project in over a decade, signals the transformative impact of the President’s policies and reforms in attracting investments in the oil and gas sector, which has been in motion through his strategic engagement with global energy stakeholders.

The statement partly reads:

“President Bola Ahmed Tinubu welcomes Shell and its partners’ announcement today of the Final Investment Decision (FID) on the Bonga North Deep Offshore Field. This landmark development, Nigeria’s first deepwater oil project in over a decade, underscores the transformative impact of the President’s policies and reforms in attracting investments in the oil and gas sector.

“The Bonga North oilfield, located 130 kilometres offshore in Oil Mining Lease (OML) 118, represents an impressive estimated $5 billion investment and is expected to yield approximately 350 million barrels of crude oil. Shell holds the largest operational interest, with 55%. Its other partners are the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.

“The FID signals renewed confidence in Nigeria’s energy sector and demonstrates the effectiveness of the Tinubu administration’s strategic focus on engendering a robust and competitive investment climate.

“President Tinubu remarked: ‘The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people. We designed our policies and reforms from the start of my administration to achieve this goal. Shell and its partners’ decision to invest in Bonga North affirms the success of our efforts. We will continue to offer the necessary support to ensure their success and the realisation of Nigeria’s energy potential’.

“President Tinubu’s strategic engagement with global energy stakeholders has been instrumental in this renewed wave of investments.” [CONTINUE READING HERE]>>>>